This paper investigates the origin of the flying capacitor voltage imbalance in hybrid converters. By observation and logical deduction, an intuitive voltage-charge relationship is established which can give a general explanation of the flying capacitor voltage balance in hybrid converters. This relationship can establish a relatively simple and intuitive method to identify the difference of balance performance in hybrid converters for Vout<(V_in /N) cases. Converter with even number of inductor charging intervals, are shown to be susceptible to flying capacitor voltage imbalance, while flying capacitors in hybrid converters with inductors having odd charging intervals have inherently balanced operations. As a direct result of the analysis, a new symmetric operation of FCML converters is introduced to achieve an inherent balance of flying capacitor voltages. Hardware implementations and experiments have been carried out for verifications of the analytical analysis and the new symmetric operation.